Policy · Financial Services
Skydo gets RBI and GIFT City approvals
By Startup Enthusiast ·
- Date
- Company
- Skydo
- What it does
- Cross-border payments for exporters
- Kind
- Policy
- Founded
- 2022
- Sector
- Financial Services
What they do
Skydo helps Indian exporters and businesses receive and send payments across borders
What happened
It received in-principle approval as a Payment Service Provider at GIFT City IFSC and final RBI authorization as a Payment Aggregator-Cross Border for…
Why it matters
The approvals enable multi-currency collections, e-money accounts, and new payment corridors, supporting India's $2 trillion export target by FY30
The details
- Skydo received in-principle approval as a Payment Service Provider at GIFT City IFSC.
- It secured final RBI authorization as a Payment Aggregator-Cross Border for inward flows.
- Skydo also received RBI approval for outward payment flows under the PA-CB framework.
- These approvals allow Skydo to offer multi-currency collections and e-money accounts.
- The company can now acquire merchants and open new payment corridors.
- Skydo processes over $850M in payments annually.
- It serves 40,000+ Indian businesses across 50+ cities.
The bigger picture
- India targets $2 trillion in exports by FY30.
- MSMEs contribute nearly 45% of India's exports.
- GIFT City IFSC provides a globally aligned financial ecosystem for international financial services.
About the business
- Skydo operates a platform that handles cross-border payments for Indian exporters and businesses.
- Its products include global collections, outward remittances, and compliance automation.
- It supports collections from 150+ countries.
- The platform processes over $850M in payments annually.
- It serves 40,000+ Indian businesses across 50+ cities.
What happens next
- Skydo plans to expand its product stack and enter new geographies.
- It will develop solutions for emerging cross-border payment use cases.
- The approvals enable multi-currency collections, e-money accounts, merchant acquisition, and new payment corridors.
The deal
- Type
- regulatory approval
Founders
- Srivatsan Sridhar, Co-founder and CEO
- Movin Jain, Co-founder
About Skydo
- Product
- border payments startup
- Customers
- Indian MSMEs, exporters, freelancers, and startups that invoice and receive payments from overseas clients.
- How it makes money
- Charges transparent flat fees per transaction with zero foreign exchange markups.
- What sets it apart
- Provides zero forex markup with live mid-market exchange rates and automated compliance filings like FIRA.
Other articles talking about it
More on Skydo
- Skydo gets Canadian payment licence, first Indian firm to do so23 June 2026 · Policy
- Skydo gets RBI licence for cross-border payments9 January 2026 · Policy
- Skydo raises $10 million Series A9 December 2025 · Funding · $10M
- Skydo gets RBI approval as payment aggregator for cross-border21 January 2025 · Launch
- Skydo raises $5M in pre-Series A round12 August 2024 · Funding · $5M
- Skydo raises $5-6 million seed round28 June 2022 · Funding · $5-6 million
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